According to a recent report, Centrifuge, a platform that offers real-world asset (RWA) tokenization through its leading protocol, has raised $15 million in Series A funding. The round was backed by both ParaFi Capital and Greenfield.
The firm has become the first to link traditional finance (TradFi) with DeFi through the tokenization of RWAs. The company has launched a blockchain-based financial platform that delivers the features of open blockchains to the public and credit funds on the chains.
Centrifuge revealed in a press release that the investment will allow the firm to construct what they call the “universal gateway” – a platform predicted to enable institutions to access the enormous liquidity available on-chain with a user-friendly interface. This entails the development of a lending market on Ethereum Layer 2 Base, with Coinbase Verification integration for a secure KYC process.
In addition, Centrifuge is also going to allocate the funds to promote and nurture the growth of the DeFi ecosystem. This committee involves some reputed members like Coinbase and Polygon. Furthermore, the company will invigorate its business processes through employment and enhance the application of its solutions in the decentralized finance industry.
Also Read: Bundesbank and MIT DCI Joins on CBDC Privacy Research
